To Adequately Plan an Audit, the Auditor Should Obtain Sufficient

question 29

Essay

To adequately plan an audit, the auditor should obtain sufficient knowledge of the entity and its selection and application of accounting policies.This includes obtaining knowledge about the entity's business operations, investments, financing and financial reporting and accounting practices.For each of these areas, list two activities that the auditor would need to gain an understanding of.

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Definitions:

Impatience

A feeling of irritation or annoyance due to delays or obstacles, often leading to a desire for immediate action or results.

Neutrality

In therapy, the practice of remaining impartial and without judgment towards the client, to create a safe and open therapeutic environment.

Intermittent Reinforcement

A conditioning schedule in which a reward or punishment (reinforcement) is given only some of the time a particular behavior occurs, leading to a stronger response.

Resistance

In psychology, the phenomenon where clients unconsciously block or fight against the therapeutic process, often due to underlying fears or unresolved conflicts.